**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**WASHINGTON,
      D.C. 20549**





**FORM
      10-QSB**





**x QUARTERLY
      REPORT
      PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES**


**EXCHANGE
      ACT OF 1934**





**1-9370**





(COMMISSION
      FILE NUMBER)





**FOR
      THE QUARTERLY PERIOD DECEMBER 31, 2007**





FOR





**RECEIVABLE
      ACQUISITION & MANAGEMENT CORPORATION**





(Exact
      Name of Registrant as Specified in the Charter)





DELAWARE
            13-3186327(State
                of Other Jurisdiction
            (I.R.S.
                Employerof
                Incorporation)
            Identification
                Number)





2500
      Plaza 5, Harborside Financial Center


Jersey
      City, NJ 07311


201-633-4725





Check
      whether the Registrant (1) has filed all reports required by Section 13 or
      15(d)
      of the Securities Exchange Act of 1934 during the preceding 12 months (or for
      such shorter period that the Registrant was required to file such reports)
      and
      (2) has been subject to such filing requirements for the past 90 days:
      Yes x
      No o





As
      of
      February 15, 2008, there were 16,944,150 shares of the Registrant’s Common
      Stock, $0.001 par value per share, outstanding.





**Transitional
      Small Business Disclosure Format Yes o No x**





**RECEIVABLE
      ACQUISITION & MANAGEMENT CORPORATION**





**FOR
      THE QUARTERLY PERIOD ENDED DECEMBER 31, 2007**




**TABLE
      OF CONTENTS**


PART
                  I
              FINANCIAL
                  INFORMATIONITEM
                  1.
              FINANCIAL
                  STATEMENTSITEM
                  2.
              MANAGEMENT’S
                  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION &
                  OPERATIONS
              16RISK
                  FACTORS
              21ITEM
                  3.
              CONTROLS
                  AND PROCEDURES
              21PART
                  II
              OTHER
                  INFORMATION
              22ITEM
                  1.
              LEGAL
                  PROCEEDINGS
              22ITEM
                  2.
              UNREGISTERED
                  SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
              23ITEM
                  3.
              DEFAULTS
                  UPON SENIOR SECURITIES
              23ITEM
                  4.
              SUBMISSION
                  OF MATTERS TO A VOTE OF SECURITY HOLDERS
              23ITEM
                  5.
              OTHER
                  INFORMATION
              23ITEM
                  6.
              EXHIBITS
              24SIGNATURES
              24





**THIS
      REPORT CONTAINS FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES.
      SUCH STATEMENTS ARE BASED ON CURRENT EXPECTATIONS, ASSUMPTIONS, ESTIMATES AND
      PROJECTIONS ABOUT THE COMPANY AND ITS INDUSTRY. FORWARD-LOOKING STATEMENTS
      ARE
      SUBJECT TO KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY
      CAUSE ACTUAL RESULTS, LEVELS OF ACTIVITY, PERFORMANCE, ACHIEVEMENTS AND
      PROSPECTS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY SUCH
      FORWARD-LOOKING STATEMENTS. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE
      PUBLICLY ANY FORWARD-LOOKING STATEMENTS FOR ANY REASON EVEN IF NEW INFORMATION
      BECOMES AVAILABLE OR OTHER EVENTS OCCURRING IN THE FUTURE.**




1


**RECEIVABLE
      ACQUISITION & MANAGEMENT CORPORATION AND SUBSIDIARIES**


**(FORMERLY
      FEMINIQUE CORPORATION AND SUBSIDIARIES)**





**CONDENSED
      CONSOLIDATED**


**FINANCIAL
      STATEMENTS - UNAUDITED**





**FOR
      THE THREE MONTHS ENDED DECEMBER 31, 2007 AND 2006**





**INDEX
      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED**


**FOR
      THE THREE MONTHS ENDED JUNE 30, 2007 AND 2006**




PagesCondensed
                Consolidated Balance Sheet
              as
                of December, 2007 – Unaudited
            3Condensed
                Consolidated Statements of Income (Operations)
              For
                the Six Months and Three Months
              Ended
                December 31, 2007 and 2006– Unaudited
            4Condensed
                Consolidated Statements of Cash Flows For the Six Months
              Ended
                December 31, 2007 and 2006 – Unaudited
            5Notes
                to Condensed Consolidated Financial Statements
            6-15




2





**RECEIVABLE
      ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**


**CONDENSED
      CONSOLIDATED BALANCE SHEET (UNAUDITED)**


**DECEMBER
      31, 2007**





**2007****ASSETS****CURRENT
                ASSETS**Cash
            
            $
            327,563Prepaid
                Expenses
            
            
            2,556Finance
                receivables - short term
            
            
            114,843**Total
                current assets**
            
            
            444,962**OTHER
                ASSETS**Finance
                receivables - long-term
            
            
            229,721**Total
                other assets**
            
            
            229,721**TOTAL
                ASSETS**
            
            $
            674,683**LIABILITIES
                AND STOCKHOLDERS' EQUITY (DEFICIT)****CURRENT
                LIABILITIES**Accrued
                and other expenses
            
            $
            35,844Notes
                Payable -short term
            
            
            197,153**Total
                current liabilities**
            
            
            232,997**LONG
                TERM LIABILITIES**Notes
                payable -long term
            
            
            81,452**TOTAL
                LIABILITIES**
            
            
            314,449**STOCKHOLDERS'
                EQUITY (DEFICIT)**Preferred
                stock, par value $10 per share; 10,000,000 shares authorized at December
                31, 2007 and 0 shares issued and outstanding at December 31, 2007
            
            
            -Common
                stock, par value $.001 per share; 325,000,000 shares authorized and
                17,122,896 shares issued and outstanding at December 31,
                2007
            
            
            17,123Additional
                paid-in capital
            
            
            628,535Accumulated
                deficit
            
            
            (285,424
            )**Total
                stockholders' equity**
            
            
            360,234**TOTAL
                LIABILITIES AND STOCKHOLDERS' EQUITY**
            
            $
            674,683





The
      accompanying notes are an integral part of the condensed consolidated financial
      statements.


3


**RECEIVABLE
      ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**


**CONDENSED
      CONSOLIDATED STATEMENTS OF INCOME (OPERATIONS) (UNAUDITED)**


**FOR
      THE THREE MONTHS ENDED DECEMBER 31, 2007 AND 2006**





**FOR
                THE THREE MONTHS ENDED****DECEMBER
                31,****2007**
            
            **2006****REVENUES**Financing
                income
            
            $
            161,378
            
            $
            71,774Gain
                on sales of finance receivable
            
            
            46,944
            
            
            -Service
                income and other
            
            
            16,202
            
            
            45,368**TOTAL
                INCOME**
            
            
            224,524
            
            
            117,142**COSTS
                AND EXPENSES**Selling,
                general and administrative
            
            
            140,543
            
            
            189,712**Total
                costs and expenses**
            
            
            140,543
            
            
            189,712**NET
                INCOME (LOSS) BEFORE OTHER INCOME**
            
            
            83,981
            
            
            (72,570
            )**OTHER
                INCOME (LOSS)**Interest
                income
            
            
            1,550
            
            
            166Interest
                expense
            
            
            (6,964
            )
            
            -Total
                other income (Loss)
            
            
            (5,414
            )
            
            166**NET
                INCOME INCOME (LOSS) BEFORE PROVISION FOR INCOME
                TAX**
            
            $
            78,567
            
            $
            (72,404
            )**PROVISION
                FOR INCOME TAXES**
            
            
            -
            
            
            -**NET
                INCOME (LOSS) BEFORE PREFERRED STOCK DIVIDEND**
            
            
            78,567
            
            
            (72,404
            )**LESS
                PREFERRED STOCK DIVIDEND**
            
            
            -
            
            
            -**NET
                INCOME (LOSS) APPLICABLE TO COMMON STOCK**
            
            $
            78,567
            
            $
            (72,404
            )**BASIC
                INCOME (LOSS) PER COMMON SHARE**
            
            $
            0.00
            
            $
            (0.00
            )**DILUTED
                INCOME (LOSS) PER COMMON SHARE**
            
            $
            0.00
            
            $
            (0.00
            )**WEIGHTED
                  AVERAGE OUTSTANDING SHARESOF
                  COMMON STOCK - BASIC**
            
            
            17,078,852
            
            
            17,104,569**WEIGHTED
                  AVERAGE OUTSTANDING SHARESOF
                  COMMON STOCK - DILUTED**
            
            
            18,974,852
            
            
            19,200,569





The
      accompanying notes are an integral part of the condensed consolidated financial
      statements.


4





**RECEIVABLE
      ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**


**CONDENSED
      CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**


**FOR
      THE THREE MONTHS ENDED DECEMBER 31, 2007 AND 2006**




**2007**
            
            **2006****CASH
                FLOWS FROM OPERATING ACTIVITIES:**Net
                Income (Loss)
            
            $
            78,567
            
            $
            (72,404
            )**Adjustments
                to reconcile net income (loss) to****net
                cash provided by operating activities:****Changes
                in Certain Assets and Liabilities**Proceeds
                from sale of portfolio - net of gain
            
            
            177,545
            
            
            -Acquisition
                of finance receivables, net of buybacks
            
            
            (201,982
            )
            
            (73,560
            )Collections
                applied to principal on finance receivables
            
            
            52,122
            
            
            157,709(Increase)
                Decrease in prepaid expenses
            
            
            (1,315
            )
            
            (1,096
            )Increase
                (decrease) accrued expenses
            
            
            (18,079
            )
            
            17,893(Decrease)
                Increase in Income Taxes
            
            
            -
            
            
            (1,900
            )**Net
                cash provided by operating activities**
            
            
            86,858
            
            
            26,642**CASH
                FLOWS FROM FINANCING ACTIVITIES**Repurchase
                of common stock
            
            
            (151
            )
            
            (55,000
            )Payments
                on notes payable
            
            
            (45,674
            )
            
            (31,853
            )**Net
                cash provided by financing activities**
            
            
            (45,825
            )
            
            (86,853
            )**NET
                INCREASE (DECREASE) IN CASH**
            
            
            41,033
            
            
            (60,211
            )**CASH
                AND CASH EQUIVALENTS - BEGINNING OF PERIOD**
            
            
            286,530
            
            
            154,640**CASH
                AND CASH EQUIVALENTS - END OF PERIOD**
            
            $
            327,563
            
            $
            94,429**SUPPLEMENTAL
                DISCLOSURE OF CASH FLOW INFORMATION****Issuance
                of Common Stock for:**Conversion
                of preferred stock
            
            $
            -
            
            $
            800,000Conversion
                of preferred stock payable
            
            $
            -
            
            $
            20,000





The
      accompanying notes are an integral part of the condensed consolidated financial
      statements.


5




**RECEIVABLE
      ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**


**NOTES
      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**


**DECEMBER
      31, 2007 AND 2006 (UNAUDITED)**





**NOTE
              1-**
            **SUMMARY
                OF SIGNIFICANT ACCOUNTING
                POLICIES**





**A.**
            **THE
                COMPANY AND
                PRESENTATION**





The
      condensed consolidated unaudited interim financial statements included herein
      have been prepared by Receivable Acquisition and Management Corporation and
      Subsidiaries (the "Company"), formerly Feminique Corporation and Subsidiaries
      without audit, pursuant to the rules and regulations of the Securities and
      Exchange Commission (the "SEC"). Certain information and footnote disclosures
      normally included in the financial statements prepared in accordance with
      accounting principles generally accepted in the United States of America have
      been condensed or omitted as allowed by such rules and regulations, and the
      Company believes that the disclosures are adequate to make the information
      presented not misleading. It is suggested that these condensed consolidated
      financial statements be read in conjunction with the September 30, 2007 audited
      consolidated financial statements and the accompanying notes thereto. While
      management believes the procedures followed in preparing these condensed
      consolidated financial statements are reasonable, the accuracy of the amounts
      are in some respects dependent upon the facts that will exist, and procedures
      that will be accomplished by the Company later in the year.





The
      management of the Company believes that the accompanying unaudited condensed
      consolidated financial statements contain all adjustments (including normal
      recurring adjustments) necessary to present fairly the operations, changes
      in
      stockholders' equity (deficit), and cash flows for the periods
      presented.





On
      November 25, 2003, the Feminique Corporation incorporated a wholly-owned
      subsidiary Receivable Acquisition and Management Corp of New York. The Company
      purchases, manages and collects defaulted consumer receivables.





On
      April
      21, 2004, Feminique Corporation amended its certificate of incorporation to
      increase its authorized number of shares of common stock from 75,000,000 shares
      to 325,000,000 shares. This amendment was approved by Feminique Corporation’s
      shareholders at its April 20, 2004 annual meeting. The shareholders also changed
      the name of Feminique Corporation to Receivable Acquisition and Management
      Corporation.








**B.**
            **FINANCE
                RECEIVABLES**





The
      Company accounts for its investment in finance receivables under the guidance
      of
      Statement of Position (“SOP”) 03-3, “Accounting for Loans or Certain Debt
      Securities Acquired in a Transfer.” This SOP limits the yield that may be
      accreted (accretable yield) to the excess of the Company’s estimate of
      undiscounted expected principal, interest and other cash flows (cash flows
      expected at the acquisition to be collected) over the Company’s initial
      investment in the finance receivables. Subsequent increases in cash flows
      expected to be collected are recognized prospectively through adjustment of
      the
      finance receivables yield over its remaining life. Decreases in cash flows
      expected to be collected are recognized as impairment to the finance receivable
      portfolios. The Company’s proprietary collections model is designed to track and
      adjust the yield and carrying value of the finance receivables based on the
      actual cash flows received in relation to the expected cash flows.




6




**RECEIVABLE
        ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**
 **DECEMBER
        31, 2007 AND 2006 (UNAUDITED)**




**NOTE
              1-**
            **SUMMARY
                OF SIGNIFICANT ACCOUNTING POLICIES
                (CONTINUED)**




**C.**
            **FINANCE
                RECEIVABLES
                (CONTINUED)**





During
      the quarter ended December 31, 2007, the Company acquired total portfolios
      for
      $ 201,982 .
      The
      Company will use for these portfolios the "Recovery Method" for revenue
      recognition under which no revenue is recognized until the investment amount
      of
      $201,982 has been recovered.





During
      the quarter ended December 31, 2007 the Company sold several portfolios for
      a
      total sales price of $224,489. The Company recognized a net gain of $46,944
      on
      these sales.





In
      the
      event that cash collections would be inadequate to amortize the carrying
      balance, an impairment charge would be taken with a corresponding write-off
      of
      the receivable balance. Accordingly, the Company does not maintain an allowance
      for credit losses.


The
      agreements to purchase the aforementioned receivables include general
      representations and warranties from the sellers covering account holder death
      or
      bankruptcy, and accounts settled or disputed prior to sale. The representation
      and warranty period permitting the return of these accounts from the Company
      to
      the seller is typically 90 to 180 days. Any funds received from the seller
      of
      finance receivables as a return of purchase price are referred to as buybacks.
      Buyback funds are simply applied against the finance receivable balance
      received. They are not included in the Company’s cash collections from
      operations nor are they included in the Company’s cash collections applied to
      principal amount. Gains on sale of finance receivables, representing the
      difference between sales price and the unamortized value of the finance
      receivables, are recognized when finance receivables are sold.





Changes
      in finance receivables for the three months ended December 31, 2007 were as
      follows:




2007Balance
                at beginning of year October 1, 2007
            
            $
            372,249Acquisition
                of finance receivables - net
            
            
            201,982Cash
                collections applied to principal
            
            
            (52,122
            )Sale
                of portfolio - net of gain
            
            
            (177,545
            )Balance
                at the end of the year
            
            $
            344,564Estimated
                Remaining Collections ("ERC")*
            
            $
            813,638





*Estimated
      remaining collection refers to the sum of all future projected cash collections
      from acquired portfolios. ERC is not a balance sheet item, however, it is
      provided for informational purposes. Income recognized on finance receivables
      was $161,378 and $71,744 for the three months ended December 31, 2007 and 2006
      respectively.




7




**RECEIVABLE
        ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**
 **DECEMBER
        31, 2007 AND 2006 (UNAUDITED)**




**NOTE
              1-**
            **SUMMARY
                OF SIGNIFICANT ACCOUNTING POLICIES
                (CONTINUED)**





**C.**
            **FINANCE
                RECEIVABLES
                (CONTINUED)**





Under
      SOP-03-3 debt security impairment is recognized only if the fair market value
      of
      the debt has declined below its amortized costs. Currently no amortized costs
      are below fair market value. Therefore, the Company has not recognized any
      impairment for the finance receivables.





**D.**
            **PRINCIPLES
                OF CONSOLIDATION**





The
      consolidated financial statements include the accounts of the Company and its
      subsidiaries. All significant intercompany accounts and transactions have been
      eliminated in consolidation.





**E.**
            **CASH
                AND CASH EQUIVALENTS**





The
      Company considers all highly liquid debt instruments and other short-term
      investments with an initial maturity of three months or less to be cash or
      cash
      equivalents. There were no cash equivalents as of December 31,
      2007.





The
      Company maintains cash and cash equivalents balances at financial institutions
      that are insured by the Federal Deposit Insurance Corporation up to $100,000.
      At
      December 31, 2007, the Company’s uninsured cash balances total was
      $227,563.





**E.** **INCOME
      TAXES**





The
      Company has adopted the provisions of Statement of Financial Accounting
      Standards (“SFAS”) No. 109, Accounting for Income Taxes. The statement requires
      an asset and liability approach for financial accounting and reporting of income
      taxes, and the recognition of deferred tax assets and liabilities for the
      temporary differences between the financial reporting bases and tax bases of
      the
      Company’s assets and liabilities at enacted tax rates expected to be in effect
      when such amounts are realized or settled.





**F.** **USE
      OF ESTIMATES**





The
      preparation of financial statements in conformity with accounting principles
      generally accepted in the United States of America requires management to make
      estimates and assumptions that affect the reported amounts of assets and
      liabilities and disclosures of contingent assets and liabilities at the date
      of
      the financial statements and the reported amounts of revenues and expenses
      during this reported period. Actual results could differ from those
      estimates.




8


**RECEIVABLE
      ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**


**NOTES
      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**


**DECEMBER
      31, 2007 AND 2006 (UNAUDITED)**





**NOTE
              1-**
            **SUMMARY
                OF SIGNIFICANT ACCOUNTING POLICIES
                (CONTINUED)**





**G.** **STOCK-BASED
      COMPENSATION**





Effective
      December 31, 2005, the Company adopted the provisions of Financial Accounting
      Standards Board Statement of Financial Accounting Standard ("SFAS") No. 123(R),
      "Share-Based Payments," which establishes the accounting for employee
      stock-based awards. Under the provisions of SFAS No.123(R), stock-based
      compensation is measured at the grant date, based on the calculated fair value
      of the award, and is recognized as an expense over the requisite employee
      service period (generally the vesting period of the grant). The Company adopted
      SFAS No. 123(R) using the modified prospective method and, as a result, periods
      prior to December 31, 2005 have not been restated. The Company recognized
      stock-based compensation for awards issued under the Company's stock option
      plans in other income/expenses included in the Consolidated Statement of
      Operations. Additionally, no modifications were made to outstanding stock
      options prior to the adoption of SFAS No. 123(R), and no cumulative adjustments
      were recorded in the Company's financial statements.




Prior
      to
      December 31, 2005, the Company accounted for stock-based compensation in
      accordance with provisions of Accounting Principles Board Opinion No. 25 ("APB
      No. 25"), "Accounting for Stock Issued to Employees," and related
      interpretations. Under APB No. 25, compensation cost was recognized based on
      the
      difference, if any, on the date of grant between the fair value of the Company's
      stock and the amount an employee must pay to acquire the stock. The Company
      grants stock options at an exercise price equal to 100% of the market price
      on
      the date of grant. Accordingly, no compensation expense was recognized for
      the
      stock option grants in periods prior to the adoption of SFAS No.
      123(R).




The
      Company measures compensation expense for its non-employee stock-based
      compensation under the Financial Accounting Standards Board (FASB) Emerging
      Issues Task Force (EITF) Issue No. 96-18, "Accounting for Equity Instruments
      that are Issued to Other Than Employees for Acquiring, or in Conjunction with
      Selling, Goods or Services". The fair value of the option issued is used to
      measure the transaction, as this is more reliable than the fair value of the
      services received.




The
      fair
      value is measured at the value of the Company's common stock on the date that
      the commitment for performance by the counterparty has been reached or the
      counterparty's performance is complete. The fair value of the equity instrument
      is charged directly to compensation expense and additional paid-in
      capital.





**H.**
            **REVENUE
                RECOGNITION**





Revenue
      is recognized based on AICPA Statement of Position 03-3, if the management
      is
      reasonably comfortable with expected cash flows. In the event, expected cash
      flows cannot be reasonably estimated, the Company will use the “Recovery Method”
under which revenues are only recognized after the initial investment has been
      recovered.




9




**RECEIVABLE
        ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**
 **DECEMBER
        31, 2007 AND 2006 (UNAUDITED)**


**NOTE
                    1-**
                **SUMMARY
                    OF SIGNIFICANT ACCOUNTING POLICIES
                    (CONTINUED)**





**I.** **EARNINGS
      (LOSS) PER SHARE OF COMMON STOCK**





Historical
      net income (loss) per common share is computed using the weighted average number
      of common shares outstanding. Diluted earnings per share (EPS) include
      additional dilution from common stock equivalents, such as stock issuable
      pursuant to the exercise of stock options and warrants. Common stock equivalents
      were not included in the computation of diluted earnings per share when the
      Company reported a loss because to do so would be antidilutive for periods
      presented.





The
      following is a reconciliation of the computation for basic and diluted
      EPS:




2007
            
            2006Net
                income (loss)
            
            $
            78,567
            
            $
            (72,704
            )Weighted-average
                common sharesOutstanding
                (Basic)
            
            
            17,078,852
            
            
            17,104,569Weighted-average
                  common stock EquivalentsStock
                options
            
            
            950,000
            
            
            950,000Warrants
            
            
            946,000
            
            
            1,146,000Weighted-average
                  common shares Outstanding (Diluted)
            
            
            18,974,852
            
            
            19,200,569





10




**RECEIVABLE
        ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**
 **DECEMBER
        31, 2007 AND 2006 (UNAUDITED)**


**NOTE****1-**
            **SUMMARY
                OF SIGNIFICANT ACCOUNTING POLICIES
                (CONTINUED)**





**J.** **RECENT
      ACCOUNT PRONOUNCEMENTS (CONTINUED)**





In
      September 2006, the SEC staff issued Staff Accounting Bulletin No. 108,
      Considering the Effects of Prior Year Misstatements when Quantifying
      Misstatements in Current Year Financial Statements (SAB 108). SAB 108 was issued
      in order to eliminate the diversity in practice surrounding how public companies
      quantify financial statement misstatements. SAB 108 requires that registrants
      quantify errors using both a balance sheet and income statement approach and
      evaluate whether either approach results in a misstated amount that, when all
      relevant quantitative and qualitative factors are considered, is material.
      SAB108 must be implemented by the end of the Company's first fiscal year ending
      after November 15, 2007. The Company does not expect SAB 108 to have any
      material impact on financial reporting or disclosures.




In
      March
      2006, the FASB issued FASB Statement No. 156, Accounting for Servicing of
      Financial Assets - an amendment of FASB Statement No. 140. This
      Statement:




1.
      Requires an entity to recognize a servicing asset or servicing liability each
      time it undertakes an obligation to service a financial asset by entering into
      a
      servicing contract under certain situations.




2.
      Requires all separately recognized servicing assets and servicing liabilities
      to
      be initially measured at fair value, if practicable.




3.
      Permits an entity to choose either the amortization method or the fair value
      measurement method subsequent measurement methods for each class of separately
      recognized servicing assets and servicing liabilities:




4.
      At its
      initial adoption, permits a one-time reclassification of available-for-sale
      securities to trading securities by entities with recognized servicing rights,
      without calling into question the treatment of other available-for-sale
      securities under Statement 115, provided that the available-for-sale
      securities are
      identified in some manner as offsetting the entity's exposure to changes in
      fair
      value of servicing assets or servicing liabilities that a servicer elects to
      subsequently measure at fair value.




5.
      Requires separate presentation of servicing assets and servicing liabilities
      subsequently measured at fair value in the statement of financial position
      and
      additional disclosures for all separately recognized servicing assets and
      servicing liabilities.




We
      do not
      expect FASB No. 156 to have a material impact on our financial reporting, and
      we
      are currently evaluating the impact, if any, the adoption of FASB No. 156 will
      have on our disclosure requirements. The statement becomes effective after
      the
      beginning of the first fiscal year that begins after September 30,
      2006.




In
      September 2006, the FASB issued FASB Statement No. 157, Fair Value Measurements.
      This Statement defines fair value, establishes a framework for measuring fair
      value in generally accepted accounting principles (GAAP), and expands
      disclosures about fair value measurements.




11




**RECEIVABLE
        ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**
 **DECEMBER
        31, 2007 AND 2006 (UNAUDITED)**





**NOTE
                    1-**
                **SUMMARY
                    OF SIGNIFICANT ACCOUNTING POLICIES
                    (CONTINUED)**





**J.** **RECENT
      ACCOUNT PRONOUNCEMENTS (CONTINUED)**




This
      Statement applies under other accounting pronouncements that require or permit
      fair value measurements, the Board having previously concluded in those
      accounting pronouncements that fair value is the relevant measurement attribute.
      Accordingly, this Statement does not require any new fair value measurements.
      FASB Statement No. 157 will be effective for our financial statements issued
      for
      our fiscal year beginning October 1, 2008. We do not expect the adoption of
      FASB
      Statement No. 157 to have a material impact on our financial reporting, and
      we
      are currently evaluating the impact, if any, the adoption of FASB Statement
      No.
      157 will have on our disclosure requirements




In
      June
      2006, the Financial Accounting Standards Board ("FASB") issued FASB
      Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an
      interpretation of FASB Statement No. 109" (FIN 48), which prescribes a
      recognition threshold and measurement attribute for the financial statement
      recognition and measurement of a tax position taken or expected to be taken
      in a
      tax return. FIN 48 also provides guidance on recognition, classification,
      interest and penalties, accounting in interim periods, disclosure and
      transition. FIN 48 will be effective for our fiscal year beginning October
      1,
      2007. We do not expect the adoption of FIN 48 to have a material impact on
      our
      financial reporting and disclosure.





**NOTE
              2-**
            ******NOTES
                PAYABLE**




**A.**
            The
                Company issued on October 30, 2006 a note payable for the value of
                $150,000 in exchange for the retirement of 2,000,000 shares of common
                stock for $200,000. The company paid $50,000 in cash and issued a
                note
                payable of $150,000 for the balance. The terms are as follows: The
                Company
                is currently paying $3,000 per month. The current balance of the
                note as
                of December 31, 2007 is $102,899.





**B.**
            The
                Company issued on January 8, 2007 a private note offering in the
                amount of
                $300,000. The Company intends to pay the holder of the note in 24
                fixed
                monthly payments of $14,546 from the date of issuance of the note
                at a
                rate of 15% per annum on or before January 9, 2009 (the "Maturity
                Date”).
                The current balance of the note as of December 31, 2007 is
                $175,706.





12




**RECEIVABLE
        ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**
 **DECEMBER
        31, 2007 AND 2006 (UNAUDITED)**


**NOTE2-**
            **NOTES
                PAYABLE (CONTINUED)**




Principal
                  DueSchedule
                of Long- Term Notes Payable
            
            December
                31, 2007Notes
                Payable
            
            $
            278,605Less:
                Current Portions
            
            
            (197,153
            )**Total
                Long term notes payable**
            
            $
            81,452




As
                of December 31, 2007 the estimated long-term notes payable mature
                as
                follows:




2008
            
            $
            197,1532009
            
            
            50,5532010
            
            
            30,899**Total
                Notes Payable**
            
            $
            278,605




**NOTE
              3-**
            **STOCK
                OPTIONS**





In
      April
      2004, the Company adopted a stock option plan upon approval by the shareholders
      art the Annual General Meeting under which selected eligible key employees
      of
      the Company are granted the opportunity to purchase shares of the Company’s
      common stock. The plan provides that 37,500,000 shares of the Company’s
      authorized common stock be reserved for issuance under the plan as either
      incentive stock options or non-qualified options. Options are granted at prices
      not less than 100 percent of the fair market value at the end of the date of
      grant and are exercisable over a period of ten years or a long as that person
      continues to be employed or serve on the on the Board of Directors, whichever
      is
      shorter. At December 31, 2007, the Company had 950,000 options outstanding
      under
      this plan.





**NOTE
              4-**
            **INCOME
                TAXES******





Income
      Taxes are provided for the tax effects of transactions reported in the financial
      statements and consist of taxes currently due. Deferred taxes related to
      differences between the basis of assets and liabilities for financial and income
      tax reporting will either be taxable or deductible when the assets or
      liabilities are recovered or settled. The difference between the basis of assets
      and liabilities for financial and income tax reporting are not material
      therefore, the provision for income taxes from operations consist of income
      taxes currently payable.





The
      Company’s effective tax rate is different than what would be expected if the
      statutory rates were applied to “net income (loss) before income taxes”
primarily because of expenses deductible for financial reporting purposes that
      are not deductible for tax purposes allowed.




13




**RECEIVABLE
        ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**
 **DECEMBER
        31, 2007 AND 2006 (UNAUDITED)**


**NOTE
                4-**
            **INCOME
                TAXES (CONTINUED)**





There
      was
      no provision for income tax for the three months ended December 31,
      2007.





At
      December 31, 2007 and 2006 the Company had an accumulated deficit approximating
      $285,424 and 71,700, available to offset future taxable income through
      2027.




December
                31,
            
            December
                31,2007
            
            2006Deferred
                tax assets
            
            $
            99,898
            
            $
            21,510Less:
                valuation
            
            
            (99,898
            )
            
            (21,510
            )Totals
            
            $
            -
            
            $
            -




**NOTE
              5-**
            **STOCK
                HOLDERS’ EQUITY**





**COMMON
      STOCK**





There
      were 325,000,000 shares of common stock authorized, with 17,122,896 and
      16,728,917 shares issued and outstanding at December 31, 2007 and 2006,
      respectively. The par value for the common stock is $.001 per
      share.





The
      following details the stock transactions for the three months ended December
      31,
      2007 and 2006.




The
      Company received $1,500 for the exercise of 200,000 warrants at $.0075 per
      share
      in September 2006. The Company issued 200,000 shares of common stock in November
      2006.




The
      Company repurchased 150,000 shares of common stock during May 2006. The shares
      were accounted for as a prepaid asset until November 2006. The shares were
      repurchased for $.10 per share for a total amount of $15,000. The shares were
      cancelled in November 2006.




14




**RECEIVABLE
        ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**
 **DECEMBER
        31, 2007 AND 2006 (UNAUDITED)**


**NOTE
                  5**
                ****STOCK
                    HOLDERS’ EQUITY
                    (CONTINUED)




**COMMON
      STOCK** **(CONTINUED)**




On
      October 31, 2006 the Company reached an agreement with a shareholder to buyback
      2,000,000 shares of that shareholder's common stock at $.10 per share for a
      total amount of $200,000. The stock purchase was completed on October 31, 2006.
      The shares were cancelled in November 2006.





During
      the month of October 2007 the company issued 200,000 common shares in exchange
      for warrants exercised in May 2007 for $.0075 per share. The company was
      carrying the unissued shares as a liability for stock to be issued till the
      date
      of issuance.





During
      the quarter ended December 31, 2007 the company repurchased 6,020 shares of
      common stock at $.025 per share for a total amount of $151. The stock purchase
      was completed at December 31, 2007. The shares were retired.





**PREFERRED
      STOCK**





On
      October 28, 2006 the Company reached an agreement with Artemis Hedge Fund Ltd
      the holder of 80,0000 Series A Convertible Preferred Stock at $10 par value
      to
      convert the preferred shares into 800,000 shares of the Company's common stock.
      Additionally the Company agreed to issue 70,000 shares of common stock for
      all
      accrued dividends. There were 10,000,000 shares of preferred stock authorized,
      no shares outstanding as of December 31, 2007 and 2006
      respectively.




**NOTE
                  6**
                **RELATED
                    PARTY**




The
      Company receives servicing fees from Ramco Income Fund Limited. The Company
      manages Ramco Income Fund Limited a Bermuda entity. The servicing fees were
      for
      the three months ended December 31, 2007 and 2006 were $16,202 and $45,368 respectively.




**NOTE
                  7**
                **SUBSEQUENT
                    EVENTS**




**PAYMENT
      OF NOTE PAYABLE**





The
      Note
      Payable issued on October 30, 2006 for a value of $150,000 had an outstanding
      balance of $102,899 as of December 31, 2007. See Note 2 A. During the month
      of
      January 2008 the note was paid off in full for a discounted value of
      $40,000.




15




**ITEM
      2.**





**MANAGEMENT’S
      DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
      OPERATIONS.**





This
      “Management’s Discussion and Analysis of Financial Condition and Results of
      Operations” should be read in conjunction with “Management’s Discussion and
      Analysis of Financial Condition and Results of Operations” in the Annual Report
      on Form 10Ksb as of and for the year ended September 30, 2006 as filed with
      the
      Securities and Exchange Commission. Cautionary Statements Pursuant to Safe
      Harbor Provisions of the Private Securities Litigation Reform Act of 1995:





This
      report contains forward-looking statements within the meaning of the federal
      securities laws. These forward-looking statements involve risks, uncertainties
      and assumptions that, if they never materialize or prove incorrect, could cause
      the results of the Company to differ materially from those expressed or implied
      by such forward-looking statements. All statements, other than statements of
      historical fact, are forward-looking statements, including statements regarding
      overall trends, gross margin trends, operating cost trends, liquidity and
      capital needs and other statements of expectations, beliefs, future plans and
      strategies, anticipated events or trends, and similar expressions concerning
      matters that are not historical facts. The risks, uncertainties and assumptions
      referred to above may include the following:





§
            changes
                in the business practices of credit originators in terms of selling
                defaulted consumer receivables or outsourcing defaulted consumer
                receivables to third-party contingent fee collection
                agencies;





§
            ability
                to acquire sufficient portfolios;





§
            ability
                to recover sufficient amounts on acquired
                portfolios;





§
            a
                decrease in collections if bankruptcy filings increase or if bankruptcy
                laws or other debt collection laws
                change;





§
            changes
                in government regulations that affect the Company’s ability to collect
                sufficient amounts on its acquired or serviced
                receivables;





§
            the
                Company’s ability to retain the services of recovery
                partners;





§
            changes
                in the credit or capital markets, which affect the Company’s ability to
                borrow money or raise capital to purchase or service defaulted consumer
                receivables;





§
            the
                degree and nature of the Company’s competition;
                and





§
            our
                ability to respond to changes in technology and increased competition;





§
            the
                risk factors listed from time to time in the Company’s filings with the
                Securities and Exchange Commission.





**Overview**





The
      Company is engaged in the purchase and recovery of defaulted consumer
      receivables. These receivables are acquired at deep discounts and outsourced
      for
      collections on a contingency basis. The Company also manages Ramco Income Fund,
      Ltd, a Bermuda domiciled mutual fund with circa $1 million under management.
      The
      Company continues to seek additional capital to invest into additional
      portfolios but it cannot provide any assurances that it will be able to raise
      or
      generate such capital.




16




**RESULTS
      OF OPERATIONS**




**Overview**





The
      Company continues to execute its long term strategy. With several relationships
      in place with debt sellers, the Company is now in discussions with several
      lenders for a credit facility which will allow us to acquire larger portfolios
      although it cannot provide any guarantees that it will be successful in any
      obtaining any such credit facility or finalizing any such acquisition. The
      following table summarizes collections, revenues, operating expenses, income
      before taxes and fully diluted net income.





**Three Months Ended December 31, 2007****2007**
            
            **2006**
            
            **$
                Change**
            
            **%
                Change**Net
                Collections (excluding sale)
            
            $
            199,409
            
            $
            225,873
            
            $
            (26,464
            )
            
            -12
            %Finance
                Income
            
            $
            161,378
            
            $
            71,774
            
            $
            89,604
            
            
            125
            %as
                a % of Collections
            
            
            81
            %
            
            32
            %Servicing
                Income
            
            $
            16,202
            
            $
            45,368
            
            $
            (29,166
            )
            
            -64
            %Gain
                on SaleOperating
                Expenses
            
            $
            140,543
            
            $
            189,712
            
            $
            (49,169
            )
            
            -26
            %Net
                Income (Loss)
            
            $
            78,567
            
            $
            (72,404
            )
            $
            150,971
            
            
            209
            %Fully
                Diluted EPS
            
            $
            (0.00
            )
            $
            (0.00
            )
            $
            (0.00
            )




**Revenue**





The
      Company had a net income of $78,657 during the quarter ended December 31, 2007
      versus a loss of $72,404 during the quarter ended December 31, 2006. For the
      three months ended December 31, 2007 the Company had revenue of $224,524 versus
      revenue of $117,142 during the quarter ended December 31, 2006. Total revenue
      for the quarter end December 31, 2007 included finance income of $161,378 and
      servicing income of $16,202 versus finance income of $71,774 and servicing
      income of $45,368 during the quarter ended December 31, 2006. Finance income
      increased by 124% or $89,604 compared to the quarter ended December 31, 2006.
      Finance income is based on the interest rate method and SOP-03-03. Servicing
      income declined by 64% to $16,202 during the quarter ended December 31, 2006
      when compared to $45,368 during the quarter ended December 31, 2006. Servicing
      income has been declining due to run-off of portfolios held in Ramco Income
      Fund. During the quarter, the Company acquired one portfolio with a face value
      of $5,779,237 for $201,982 versus 1,215,436 for $55,663 during the quarter
      ended
      December 31, 2006. Excluding proceeds from sale of portfolios, the company
      collected $199,409 during the quarter ended December 31, 2007 versus $225,873
      during the quarter ended December 31, 2006, and recognized $161,378 as finance
      income versus $71,774, respectively. As a percentage of cash collection,
      recognized revenue (finance income) was approximately 80% in the quarter ended
      December 31, 2007 versus approximately 32% in the quarter ended December 31,
      2006.




17




**Operating
      Expenses**





Total
      operating expenses declined by approximately 26 % to $140,543 for the three
      month ended December 31, 2007 versus $189,712  for
      the
      three months ended December 31, 2006. The Company laid-off one full-time
      employee, rent for our California office declined and collection expenses
      declined as well. The Company continues to reduce operating expensed in light
      of
      declining recoveries and limited investments in new portfolios.





***Rent
      and Occupancy*** ****





Rent
      and
      occupancy expenses were $9,425 for the three months ended December 31, 2007
      versus $9,346 for the three month ended December 31, 2006.




***Depreciation*** ****





The
      Company did not record any depreciation expense for the three months ended
      December 31, 2007.


**


**Purchase
      of Defaulted Receivables**





During
      the three months ended December 31, 2007 the Company acquired defaulted consumer
      receivables with aggregate face value amount of $5,779,237 with a purchase
      price
      of $201,982 versus portfolios with aggregate face value amount of $1,215,436
      with purchase price of $55,663 during the quarter ended December 31, 2006.
      As a
      part of its strategy, the Company does not do any in-house collection, but
      outsources collection to carefully selected specialist debt collection agencies.
      The Company is currently working with several collection agencies on a
      contingency basis. The contingency fees averaged 25% during the quarter.





***Portfolio
      Data***





The
      following table shows the Company’s portfolio buying activity during the
      quarter, among other things, the purchase price, actual cash collections and
      estimated cash collection as of December 31, 2007.




**Purchase Period**
            ****
            **Purchase Price(1)**
            ****
            **Actual Cash Collection (2)**
              **add**
            ****
            **Estimated (3)**
              **reduce**12/31/2003
            
            $
            569,070
            
            $
            1,736,452
            
            $
            48,8234/11/2005
            
            $
            375,000
            
            $
            411,783
            
            $
            28,4957/25/2005
            
            $
            177,668
            
            $
            239,748
            
            $
            29,6063/9/2006
            
            $
            121,972
            
            $
            151,064
            
            $
            33,8884/7/2006
            
            $
            331,974
            
            $
            305,676
            
            $
            54,2326/7/2006
            
            $
            70,020
            
            $
            101,648
            
            $
            7,09812/31/04-12/20/06
            
            $
            780,875
            
            $
            811,487
            
            $
            234,5971/7/2007
            
            $
            324,248
            
            $
            345,505
            
            $
            38,77110/4/2007
            
            $
            201,982
            
            $
            65,838
            
            $
            338,126




( 1)  Purchase
      price refers to the cash paid to a seller to acquire defaulted receivables,
      plus
      certain capitalized expenses, less the purchase price refunded by the seller
      due
      to the return of non-compliant accounts (also defined as buybacks).
      Non-compliant refers to the contractual representations and warranties between
      the seller and the Company. These representations and warranties from the
      sellers generally cover account holders’ death or bankruptcy and accounts
      settled or disputed prior to sale. The seller can replace or repurchase these
      accounts.




18




(2)
            Actual
                cash collections net of recovery cost or
                sale.





(3)
            Total
                estimated collections refers to the actual cash collections, including
                cash sales, plus estimated remaining collections. The Company will
                take an
                impairment charge if the actual recoveries fall short of expected
                recoveries.




When
      the
      Company acquires a portfolio of defaulted receivables, it estimates the expected
      recovery of the portfolio. A 60 month projection of cash collections is created
      for each portfolio. Only after the portfolio has established probable and
      estimable performance in excess of projections will the accretable yield be
      increased and recognized as revenue. If actual cash collections are less than
      the original forecast, the Company will take an impairment charge. Collection
      activities commence within 30 days of purchase, which allows for adequate time
      to scrub the portfolio for deceased, settled, incarcerated and bankruptcy filed
      accounts. For modeling and revenue recognition purposes, the company uses 15
      calendar days.





***Recovery
      Partners***





The
      Company outsources all its recovery activities to carefully selected debt
      collection agencies and network of collection attorneys with specific collection
      expertise. The company is currently using 11 collection agencies and several
      law
      firms in the U.S. and U.K. The average contingent collections fee is
      approximately 25% which is expected to rise during the later years of
      recovery.





***Seasonality***





Collections
      tend to be higher in the first and second quarters of the year and lower in
      the
      third and fourth quarter of the year, due to consumer payment patterns in
      connection with seasonal employment, income tax refunds and holiday spending
      habits.





***Currency
      Risk***





The
      Company plans to acquire defaulted receivable portfolios in the United Kingdom
      and such purchase may expose the company to adverse currency risks.





**Liquidity
      and Capital Resources**





As
      of
      December 31, 2007, the Company had a working capital of $211,965 versus capital
      of $133,396 during the quarter ended December 31, 2006. The increase in working
      capital is largely due to sale of several portfolios. The Company believes
      that
      funds generated from operations, resale of portfolios together with existing
      cash will be sufficient to finance its operations for the foreseeable future.
      For the three month ended December 31, 2007 the Company had net cash of $327,563
      versus net cash of $94,429 at the end of quarter ended December 31, 2006. Net
      cash provided by operating activities was $86,858 versus $26,342 for the three
      months ended December 31, 2006. During the quarter ended December 31, 2007,
      the
      Company sold several portfolios for $224,488 with a total face value of
      $6,450,300. The
      proceeds were applied
      towards amortization of investment and any excess has been recognized as gain
      or
      loss on sale. Net cash used by financing activities was ($45,674) during the
      quarter ended December 31, 2007 versus $86,853 during the quarter ended December
      31, 2006. The Company did not raise any capital through issuance of securities
      during the three month ended December 31, 2007. Our primary investing activity
      to date has been the purchase of charged-off consumer receivable portfolios.
      During the quarter ended December 31, 2007 we invested $201,982 in portfolios
      with a face value of approximately $5,779,237.




19




Cash
      generated from operations is depended upon the Company’s ability to collect on
      its defaulted consumer receivables. Many factors, including the economy,
      purchase price and the Company’s ability to retain the services of its recovery
      partners, are essential to generate cash flows. Fluctuations in these factors
      that cause a negative impact on the Company’s business could have a material
      negative impact on its expected future cash flows. During the quarter, the
      Company generated approximately $199,409 from collections and $16,202 from
      servicing versus $225,000 from collections and $45,000 from servicing during
      the
      quarter ended December 31, 2006..





The
      Company believes that funds generated from operations, together with existing
      cash will be sufficient to finance its operations for the foreseeable future
      The
      Company continues to work with a capital provider for a credit facility that
      would allow the company to make larger portfolio acquisitions in the near
      future. There is no assurance that the negotiations would be successful.





***Income
      Taxes***





We
      did
      not record any income tax provision for the three months ended December 31,
      2007.





***Contractual
      Obligation***





The
      Company entered into a 12 month lease with H&Q Global Services at $2,500 per
      month plus variable expenses that include telecommunication, copier, postage
      and
      delivery charges. This lease expires on February 28, 2009 and the Company has
      an
      option to stay on a month-to-month basis.





***Market
      Outlook for Charged-off Receivables***





Recently
      there has been a substantial inflow of capital into this business which has
      resulted in significant increase in prices paid. Prices have started to come
      down due to tighter credit environment and declining quality of consumer
      credit. Any
      pronounced correction will force many too sell their remaining portfolios and
      exit the market  considering
      the payback periods have been stretched due to high prices paid .





**Critical
      Accounting Policy & Estimates**





Our
      Management’s Discussion and Analysis of Financial Condition and Results of
      Operations section discusses our condensed consolidated financial statements,
      which have been prepared in accordance with accounting principles generally
      accepted in the United States of America as promulgated by the Public Company
      Accounting Oversight Board. The preparation of these financial statements
      requires management to make estimates and assumptions that affect the reported
      amounts of assets and liabilities at the date of the financial statements and
      the reported amount of revenues and expenses during the reporting period. On
      an
      ongoing basis, management evaluates its estimates and judgments, including
      those
      related to revenue recognition, accrued expenses, financing operations, and
      contingencies and litigation. Management bases its estimates and judgments
      on
      historical experience and on various other factors that are believed to be
      reasonable under the circumstances, the results of which form the basis for
      making judgments about the carrying value of assets and liabilities that are
      not
      readily apparent from other sources. Actual results may differ from these
      estimates under different assumptions and conditions. The most significant
      accounting estimates inherent in the preparation of our financial statements
      include estimates as to the appropriate carrying value of certain assets and
      liabilities which are not readily apparent from other sources. These accounting
      policies are described at relevant sections in this discussion and analysis
      and
      in the condensed consolidated financial statements included in this quarterly
      report.




20




The
      Company utilizes the interest method under guidance provided by the AICPA issued
      Statement of Position (“SOP”) 03-03 to determine income recognized on finance
      receivables. In October 2004, the American Institute of
      Certified Public Accountants issued Statement of Position (“SOP”) 03-03,
“Accounting for Loans or Certain Securities Acquired in a Transfer.” This SOP
      proposes guidance on accounting for differences between contractual and expected
      cash flows from an investor’s initial investment in loans or debt securities
      acquired in a transfer if those differences are attributable, at least in part,
      to credit quality. This SOP is effective for loans acquired in fiscal years
      beginning after March 15, 2005. The SOP would limit the revenue that may be
      accrued to the excess of the estimate of expected future cash flows over a
      portfolio’s initial cost of accounts receivable acquired. The SOP would require
      that the excess of the contractual cash flows over expected cash flows not
      be
      recognized as an adjustment of revenue, expense, or on the balance sheet. The
      SOP would freeze the internal rate of return, referred to as IRR, originally
      estimated when the accounts receivable are purchased for subsequent impairment
      testing. Rather than lower the estimated IRR if the original collection
      estimates are not received, the carrying value of a portfolio would be written
      down to maintain the original IRR. Increases in expected future cash flows
      would
      be recognized prospectively through adjustment of the IRR over a portfolio’s
      remaining life. The SOP provides that previously issued annual financial
      statements would not need to be restated. Management is in the process of
      evaluating the application of this SOP.





**OFF-BALANCE
      SHEET ARRANGEMENTS**




The
      Company has no off-balance sheet arrangements








**RISK
      FACTORS**





IN
      ADDITION TO OTHER INFORMATION IN THIS REPORT, YOU SHOULD CONSIDER THE FOLLOWING
      RISK FACTORS CAREFULLY. THESE RISKS MAY IMPAIR THE COMPANY'S OPERATING RESULTS
      AND BUSINESS PROSPECTS AS WELL AS THE MARKET PRICE OF THE COMPANY'S COMMON
      STOCK.





PENNY
      STOCK REGULATIONS AND REQUIREMENTS FOR LOW PRICED STOCK





The
      SEC
      adopted regulations which generally define a "penny stock" to be any non-Nasdaq
      equity security that has a market price of less than $5.00 per share, subject
      to
      certain exceptions. Based upon the price of the Common Stock as currently traded
      on the NASDAQ Bulletin Board, the Company's Common Stock is subject to Rule
      15g-9 under the Exchange Act which imposes additional sales practice
      requirements on broker-dealers which sell securities to persons other than
      established customers and "accredited investors." For transactions covered
      by
      this rule, a broker-dealer must make a special suitability determination for
      the
      purchaser and have received a purchaser's written consent to the transaction
      prior to sale. Consequently, this rule may have a negative effect on the ability
      of stockholders to sell common shares of the Company in the secondary
      market.





**ITEM
      3.**  **CONTROLS
      AND PROCEDURES**





**Evaluation
      of disclosure controls and procedures**





The
      term
“ disclosure controls and procedures “ is defined in Rules 13(a)-15e and 15(d) -
      15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act).
      Our
      principal executive officer and principal financial officer have evaluated
      the
      effectiveness of our disclosure controls and procedures as of December 31,
      2006.
      They have concluded that, as of December 31, 2006 that our disclosures were
      effective to ensure that:




(1)
            That
                information required to be disclosed by the Company in reports that
                it
                files or submits under the act is recorded, processed, summarized
                and
                reported, within the time periods specified in the Commissions’ rules and
                forms, and




21




(2)
            Controls
                and procedures are designed by the Company to ensure that information
                required to be disclosed by Receivable Acquisition & Management
                Corporation Inc. in the reports it files or submits under the Act
                is
                accumulated and communicated to the issuer’s management including the
                principal executive and principal financial officers or persons performing
                similar functions, as appropriate to allow timely decisions regarding
                financial disclosure.





This
      term
      refers to the controls and procedures of a Company that are designed to ensure
      that information required to be disclosed by a Company in the reports that
      it
      files under the Exchange Act is recorded, processed, summarized and reported
      within the required time periods. Our principal executive officer and principal
      financial officer have evaluated the effectiveness of our disclosure controls
      and procedures as of the end of the period covered by this quarterly report.
      They have concluded that, as of June 30, 2005 our disclosure and procedures
      were
      effective in ensuring that required information will be disclosed on a timely
      basis in our reports filed under the exchange act.




**CHANGES
      IN INTERNAL CONTROL OVER FINANCIAL REPORTING**





No
      changes in the Company’s internal control over financial reporting have come to
      management’s attention during the Company’s last fiscal quarter that have
      materially affected, or are likely to materially affect, the Company’s internal
      control over financial reporting.




**PART
      II**




**OTHER
      INFORMATION**





**ITEM
      1.**  **LEGAL
      PROCEEDINGS**





The
      Company is not a party to any material pending legal proceedings or, to the
      best
      of its knowledge, a proceeding being contemplated by a governmental authority,
      nor is any of the Company’s property the subject of any pending legal
      proceedings or a proceeding being contemplated by a governmental authority
      except for the following:




·
            On
                April 23, 2004, Reliant Industries, Inc., Michael Wong and Debbie
                Wong
                filed a complaint with the Supreme Court of the State of New York
                Suffolk
                County against Biopharmaceuticals, Inc. and Edward Fine.
                Biopharmaceuticals, Inc. is the Company’s former name. The plaintiffs
                allege that the Company together with the other defendant committed
                fraud,
                breach of contract and negligence. The plaintiffs are seeking monetary
                payments for any loss that they may suffer as a result of the alleged
                fraud, breach of contract and negligence as well as legal fees, punitive
                damages and costs disbursements. The Company denies all allegations
                and
                intends to defend this action vigorously. The case was dismissed
                in the
                Company’s favor on February 7, 2007.




·
            On
                June 29, 2005, Allied Surgical Centers Management, LLC, et al. (“Allied”)
                filed a complaint against the Company seeking declaratory and injunctive
                relief in connection with contracts entered in April 2005 between
                Allied
                and the Company pursuant to which the Company acquired various account
                receivables from Allied (the “Contracts”). Such compliant was filed in the
                Superior Court of the State of California, For the County of Los
                Angeles,
                Central District. Allied is seeking a declaratory judgment from the
                court
                which would exclude various account receivables (the “Disputed Account
                Receivables”) from the Contracts. Allied is also seeking a temporary
                restraining order and preliminary injunction restricting the Company
                from
                attempting to seize or collecting the Disputed Account Receivables.
                The
                Company filed a cross complaint on July 15, 2005. In the cross complaint,
                the Company is seeking an accounting, a mandatory injunction for
                specific
                performance of the Contracts and damages in the amount of $21,000,000
                in
                connection with Allied’s alleged breach of
                contract, fraud, intentional interference with prospective economic
                advantage, breach of good faith, breach of fiduciary duty, conversion
                and
                slander. The Company and Allied have reached a settlement in connection
                with this matter. Allied has dropped all its claims and agreed to
                pay all
                funds received since the purchase of Allied’s portfolio in April 2005. The
                settlement agreement was executed on February 10, 2006 and the Company
                received the first settlement payment on March 1, 2006 and continues
                to
                receive payments according to the settlement
                agreement.




22




·
            On
                September 9, 2005, the Company filed a complaint with the Supreme
                Court of
                the State of New York - County of New York against Triton Capital,
                Inc.,
                Southern Capital Associates, Inc., JMS Collections, LLC., Wendt Law
                Office, James Roscetti, and Dave Dwyer for breach of contract, conversion,
                deceptive business practices and unjust enrichment. The Company is
                seeking
                an amount no less than $46,931. The Company reached a settlement
                with the
                Defendants and recovered $7,092 in July
                2007.




**ITEM
      2.**  **UNREGISTERED
      SALE OF EQUITY SECURITIES AND USE OF PROCEEDS**





The
      Company repurchased 6020 shares at a price of $0.0.025 per share on December
      30,
      2007. The total repurchase price was $150.




*
      All of
      the above offerings, sales and issuances were deemed to be exempt under rule
      506
      of Regulation D and Section 4(2) of the Securities Act of 1933, as amended.
      No
      advertising or general solicitation was employed in offering the securities.
      The
      offerings and sales were made to a limited number of persons, all of whom were
      accredited investors, business associates of the Company or executive officers
      of the Company, and transfer was restricted by the Company in accordance with
      the requirements of the Securities Act of 1933. In addition to representations
      by the above-referenced persons, we have made independent determinations that
      all of the above-referenced persons were accredited or sophisticated investors,
      and that they were capable of analyzing the merits and risks of their
      investment, and that they understood the speculative nature of their investment.
      Furthermore, all of the above-referenced persons were provided with access
      to
      our Securities and Exchange Commission filings.





**ITEM
      3.**  **DEFAULTS
      UPON SENIOR SECURITIES**





Not
      Applicable.





**ITEM
      4.**  **SUBMISSION
      OF MATTERS TO A VOTE OF SECURITY HOLDERS**





Not
      Applicable.




**ITEM
      5.**  **OTHER
      INFORMATION**





Not
      Applicable




23


**ITEM
      6.**  **EXHIBITS**





Exhibits:





Exhibit
              Number
            
            Description31.1
            
            Certification
                pursuant to Section 302 of the Sarbanes-Oxley Act of
                2002.32.1
            
            Certification
                pursuant to Section 906 of the Sarbanes-Oxley Act of
                2002.




**SIGNATURES**





In
      accordance with the requirements of the Exchange Act, the Company has caused
      this report to be signed by the undersigned, thereunto duly
      authorized.




**RECEIVABLE
                ACQUISITION & MANAGEMENT CORPORATION**Date:
                February 19, 2008By:
            /s/
                Max KhanMax
                KhanChief
                Executive OfficerChief
                Financial OfficerDirector





In
      accordance with the Exchange Act, this report has been signed below by the
      following persons on behalf of the registrant and in the capacities and on
      the
      dates indicated:




/s/**Max
                Khan**By:
                Max KhanChief
                Executive Officer,Chief
                Financial Officer and DirectorDate:
                February 19, 2008




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